FINANCIAL NEWS

Abu Dhabi- Housing rents decrease 10% in Q3

30 Sep 2010

(MENAFN) According to the Abu Dhabi Q3 2010 report issued by Asteco, a property management firm, during the third quarter Abu Dhabi?s housing rents dropped by ten percent mainly driven by rents of buildings, Khaleej Times reported.

A growing number of residents is moving out from their villas on Abu Dhabi Island as prices averaged 35 percent more than some communities on the mainland.

Al Reef is becoming a location famous for reasonable prices and as more stock is released over the coming months, prices are expected to drop more. Four-bedroom villas at Al Reef are now on the market for as low as $38,000 a year,

?Prime? buildings’ rents fall seven percent with lower quality buildings decreasing ten percent in the third quarter, Atesco added.

Prices have sustained their drop with the larger four- and five-bedroom townhouses decreasing by between 5-8 percent and five-bedroom villas with a swimming pool under the $54,000 marks.

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